Ending Inventory and COGS calculations
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Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.
Tony Merchandise Company has the following information for the month of February:
|
Feb. 2 |
Beginning inventory |
20 |
units |
@ |
$12 |
per unit |
|
Feb. 5 |
Purchase |
20 |
units |
@ |
$16 |
per unit |
|
Feb. 8 |
Sale |
12 |
units |
|||
|
Feb. 21 |
Purchase |
12 |
units |
@ |
$18 |
per unit |
|
Feb. 25 |
Sale |
14 |
units |
Answer the following questions for Tony Merchandise Company:
- Calculate the dollar ending inventory if first in, first out (FIFO) is used.
- Calculate the cost of goods sold if LIFO is used.
- Calculate the dollar ending inventory if weighted average is used.
- According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.
- Discuss the consequences of selecting one method instead of others.
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